One article to understand the "safe" on the chain Foil | Pay attention to super early projects

Author: Fairy, ChainCatcher

Edited by: TB, ChainCatcher

Every user on the chain has experienced a “roller coaster” of Gas fees – low transaction costs at low network loads, but at peak times, Gas fees may skyrocket several times. This fluctuation not only affects ordinary users, but also brings huge cost pressure to institutions such as DeFi traders, oracle nodes, CEX and Rollup operators.

Recently, the birth of the decentralized on-chain resource transaction protocol Foil attempts to solve this problem: Foil's core goal is to mitigate the challenges brought by Gas fee fluctuations by creating an on-chain fee market and redefining the pricing mechanism of the block space.

How does Foil work?

Foil is building an on-chain Gas fee market through Foil V1, providing developers, institutions and ordinary users with a more stable transaction cost management solution.

Foil V1 supports the ETH-closed Gas subscription market, tracking the average Gas fee for Ethereum L1, allowing users to lock in future costs through subscription-like methods to avoid violent fluctuations in Gas prices. This innovation will open up an on-chain Gas trading market with a scale of over US$3 billion, providing a more efficient and predictable Gas fee solution for the on-chain ecosystem.

Core highlights:

• Gas subscription : Users can purchase Gas subscription plans to lock in future Gas fees in advance, hedge market volatility at fixed costs, and reduce uncertainty in transaction costs.
• Bilateral market : Foil uses the Uniswap mechanism for price discovery, allowing liquidity providers (LPs) to freely trade Gas fee contracts, making Gas prices more market-oriented and transparent.
• Modular design : Foil has strong scalability and supports Celestia, Ethereum DA, L2 Rollups and AppChains. It can be deployed quickly in any on-chain expense market, providing customized Gas expense management solutions for different ecosystems.

Foil team background and development status

Foil co-founder Noah Litvin is an influential developer. He not only founded Foil, but also co-creator of Cannon, an EVM chain deployment automation and development tool, and is also a contributor to the Ethereum protocol standard ERC-7412.

According to social media information, Foil's core team also includes builders Rafa and Afif. Among them, Rafa has worked for Synthetix and Gnosis . They jointly promote the development and implementation of Foil's technology.

In addition, according to the official website, Foil has received support from many well-known institutions and individual investors, including Crucible Capital, CMS Holdings, Zeal Capital, Public Works, as well as echo founder Cobie, CEO of The Block, Larry Cermak, co-founder of Celestia, and Ismail Khoffi, co-founder of Celestia.

In terms of project progress, the Foil Gas Market Main Network beta version has been launched on Base, supporting the Ethereum Gas fee market and Blobs trading market in March and April, providing on-chain traders with a more stable and transparent Gas fee management method. At the same time, Foil has also launched an on-chain resource market data tracking portal, where users can monitor key indicators of the major chain resource markets in real time, further optimizing transaction strategies and cost management.

The future of Foil

Foil's ultimate goal is to build a complete decentralized product system to fundamentally eliminate the transaction pain points caused by Gas fee fluctuations. By breaking through the existing limitations of Ethereum L1, Foil will explore more innovative design solutions to further optimize transaction efficiency of Layer 2 and other chains, and bring users a smoother user experience.

(This article only introduces early projects and is not used as investment advice.)